PETRONAS Announces 10% Workforce Reduction Amidst Global Oil Price Slump

Malaysia's PETRONAS to Cut 10% of Workforce Amidst Falling Oil Prices Kuala Lumpur, Malaysia – June 6, 2025 – In a move that sent ripples through Malaysia's economy, national oil and gas giant PETRONAS announced plans to reduce its workforce by 10 percent. This significant restructuring, affecting over 5,000 employees, is a direct response to the ongoing decline in global crude oil prices. The announcement was made on June 5th by PETRONAS CEO and President, Tan Sri Tengku Muhammad Taufiq. "This measure is necessary to mitigate the impact of lower oil prices and ensure the long-term sustainability of the company," Taufiq stated in a press release. He emphasized that all affected employees would be informed before the year's end. The reduction is part of a broader cost-cutting strategy to help the company meet its dividend targets despite the challenging market conditions. The news comes as a blow to many Malaysian workers, as PETRONAS plays a crucial role in the nation's economy, contributing significantly to government revenue. However, the CEO's statement highlights the necessity of adapting to global market fluctuations to maintain PETRONAS's financial health. The company's future plans will be closely watched as Malaysia navigates this economic shift.